China’s Postal Savings Bank to Provide USD30 Bln Intentional Financing Support to Shenzhen to Boost Key Industries

China’s Postal Savings Bank to Provide USD30 Bln Intentional Financing Support to Shenzhen to Boost Key Industries

Xu Wei

Date: Tue, 12/05/2017 - 16:50 / source:Yicai
China’s Postal Savings Bank to Provide USD30 Bln Intentional Financing Support to Shenzhen to Boost Key Industries
China’s Postal Savings Bank to Provide USD30 Bln Intentional Financing Support to Shenzhen to Boost Key Industries

(Yicai Global) Dec. 5 -- China’s commercial retail bank the Postal Savings Bank of China Co. [HKG:1658] (PSBC) signed a strategic cooperation agreement with Shenzhen municipal government in South China’s Guangdong province yesterday. Under the deal, PSBC will provide intentional financing support of up to CNY200 billion (USD30.3 billion) to Shenzhen in the next five years to fully serve the city's economic construction and social development.

PSBC will treat Shenzhen as an important strategic cooperation partner and key business development area, giving it priority in terms of resource allocation, comprehensive services and financial innovation, the Paper reported.

The bank will provide its financial support in key industries, main enterprises, crucial projects, technology and innovation, education, healthcare, housing for talents and affordable housing in the city over the next five years.

Wang Weizhong, member of the standing committee of Guangdong province and party secretary of Shenzhen, Chen Rugui, mayor of Shenzhen, and Li Guohua, general manager of state-owned China Post Group Corporation (China Post) and chairman of PSBC witnessed the signing of the agreement.

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Keywords: Postal Savings Bank of China, Shenzhen